This volume offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical and at times provocative overview on the relationship between money and output, and go on to present their well-known model of a monetary economy, before examining the real sector. Throughout the volume, their views are confronted with competing explanations in order to highlight differences. The monetarist flavour of the volume emerges most clearly in frequent arguments pointing to the relative stability of the private sector.
• Offers a unique perspective on a key issue of monetary economics: the effect of money on output • An historical overview of the development of monetary economics, with emphasis on recent developments • These lectures are the last product of the long and fruitful collaboration between Karl Brunner and Allan Meltzer
Preface; 1. A review of the issues; 2. The monetary mechanism: markets for assets; 3. Fiscal policy, prices and wages, unemployment and related issues; 4. Monetary policy: problems and potential; Discussion; Comments.
'This book represents the last in a long and distinguished line of works on monetary economics by Karl Brunner and Allan Meltzer … a masterful overview of the relationship between money and output … There is a happy mixture of retrospective and a prospective analysis in the lectures, evaluating received economic theory and suggesting future economic policy. As a readable and insightful appraisal of monetarist economics in comparison with its rivals I recommend the book'. The Economic Journal
'The author is a renowned researcher in this area. His book will serve not only as an introduction to the topic, but it will certainly remain as a major reference on collocation methods for many years.' Numerical Algorithms